A recently issued SEC no-action letter provides for an abbreviated approach to tender offers and exchange offers involving non-convertible debt securities provided certain conditions are met. The new guidance may offer increased flexibility to issuers that are considering restructuring their liabilities. Issuers considering a restructuring also should consider recent court decisions related to the application of the Trust Indenture Act. The session will discuss:

Debt repurchases;

No-action letter guidance for debt tenders;

New guidance for tender offers not meeting the conditions of the no-action letter;

Consent solicitations and the Trust Indenture Act; and

Tax considerations in a restructuring.

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